Hello everyone!

This is my second post, but since I work for an insurance company that will be working directly with the Affordable Care Act I thought I would chime in on what is going to happen Oct. 1st.

-First off, similar plans to this were suggested by both Republican and Democrats a like.

-Each plan in the Marketplace is required to cover what they call the 10 essential health benefits. This includes maternity inpatient care, substance and mental health disorders, preventative wellness services, prescription drugs and a whole load of stuff that would normally require getting extra insurance or normally isn't covered.

-An insurance company cannot reject some one due to pre-existing conditions. Which will make a huge difference to a lot of people.

-By law, to have affordable coverage, the amount you pay can not exceed 9.5% of your annual income. However, (as mentioned before) if you are lower than 400% of the FPL and with a cost sharing silver plan the amount you pay can be deducted out of a tax credit. For example: If you make 22,000 a year the amount of your premium would be roughly 120.

-Insurance companies are required to spend 80% of their profit on the insured. What was not spent on medical expense with be refunded to those in a cost sharing plan.

-The rate that you will have to pay can not exceed 3x that of what a 21 year would pay. If you are a smoker, the rate can only 1.5x higher of that of a non-smoker.

-Your children can stay on your insurance until they turn 26. Even if they're married, or can be covered under insurance provided by their work.

-Under certain circumstances you will not get a fine for being uninsured, however like it was mentioned before, if you do not have creditable coverage for over 3 months then you will have to pay a 95 dollar fine or 1% of your income, which will raise each year. However, if you live in a state that didn't expand medicaid and you can not afford to buy insurance than you will not have to pay a fine.

After getting my license and learning so much about how health insurance I'm honestly a lot happier how things are going to change. The idea imo is that insurance companies will be encouraged more to spend on the insured. Nearly half of all working Americans are uninsured or under-insured and this has given us more of an opportunity for better healthcare overall. Most insurance companies has always been about profits until this point. There's still a lot of unknowns but I feel it is progressive thinking.

Thanks for letting me rant!